olivLaw · European equity research
Chelverton UK Dividend Trust PLC SDV.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Chelverton UK Dividend Trust PLC is a closed-ended investment trust investing mainly in mid and smaller capitalised UK companies. After repaying its 2025 ZDP shares in April 2025, the trust operates ungeared and funds part of its dividend from revenue reserves, a point that matters to income investors in a volatile economic setting.
At the close of 05 Nov 2026, Chelverton UK Dividend Trust PLC (SDV.L) stock was 1.42 GBP (−2.41% on the day), with beta 0.24, 52-week range 1.26–1.48 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.2
- neutral
- Bollinger (20, 2)
- 1.38 – 1.45
- in the lower half of the band · %B 0.49 · band width 5.2%
- SMA 50 / 200
- 1.42 / 1.39
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | −0.4% | −4.2% | +3.8 pp | — |
| 6 months | +2.7% | +4.3% | −1.6 pp | — |
| Year to date | −0.4% | +7.5% | −7.9 pp | — |
| 1 year | +5.6% | +9.9% | −4.3 pp | +6.7% |
| 3 years | +4.4% | +49.8% | −45.4 pp | +24.8% |
| 5 years | −36.8% | +42.8% | −79.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | -2.2 m | 4.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- 464.0 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 32.4 m GBP
- Total assets
- 32.5 m GBP
- Debt / equity
- unavailable
- Current ratio
- 5.12x
- ROE
- 15.8%
- ROA
- 15.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 763.0 k | -1.5 m | 4.9 m | esef· 02 Sept 2026verified |
| Interest expense | 709.0 k | 736.0 k | 0 | esef· 02 Sept 2026verified |
| Pre-tax income | 54.0 k | -2.2 m | 4.9 m | esef· 02 Sept 2026verified |
| Income tax | 58.0 k | 40.0 k | 18.0 k | esef· 02 Sept 2026verified |
| Net income | — | -2.2 m | 4.9 m | esef· 02 Sept 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 87.0 k | 1.6 m | 464.0 k | esef· 02 Sept 2026verified |
| Receivables | 661.0 k | 765.0 k | 421.0 k | esef· 02 Sept 2026verified |
| Current assets | 748.0 k | 2.4 m | 885.0 k | esef· 02 Sept 2026verified |
| Total assets | 52.2 m | 30.3 m | 32.5 m | esef· 02 Sept 2026verified |
| Accounts payable | 135.0 k | 461.0 k | 173.0 k | esef· 02 Sept 2026verified |
| Current liabilities | 18.7 m | 461.0 k | 173.0 k | esef· 02 Sept 2026verified |
| Total liabilities | 18.7 m | 461.0 k | 173.0 k | esef· 02 Sept 2026verified |
| Equity | 33.5 m | 29.9 m | 32.4 m | esef· 02 Sept 2026verified |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.1x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CHELVERTON UK DIVIDEND TRUST PLC (SDV.L). Latest full fiscal year: 2026; data up to 2026-04-30.
Figures computed from the financial statements: ROE 15.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SDV.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Chelverton UK Dividend Trust PLC is a closed-ended investment trust investing mainly in mid and smaller capitalised UK companies. After repaying its 2025 ZDP shares in April 2025, the trust operates ungeared and funds part of its dividend from revenue reserves, a point that matters to income investors in a volatile economic setting.
SWOT
Strengths
- The trust holds a liquid portfolio of readily realisable securities and significant revenue reserves that support the dividend 1.
- The ungeared structure reduces financial risk for ordinary shareholders, since ZDP holders no longer have a prior claim on assets 1.
- Investment income covers revenue expenses several times over, according to the Board's viability assessment 1.
Weaknesses
- Reliance on the external manager's investment team means that the departure of key individuals could affect performance 1.
- The dividend exceeds portfolio income and draws on reserves, making the policy less durable over the long term 1.
- Exposure only to UK equities and to smaller companies increases sensitivity to domestic shocks 1.
Opportunities
Threats
- Rising interest rates and inflation could reduce share values in the portfolio and the appeal of dividends 1.
- Geopolitical tensions and changes to trade or tax policy could affect portfolio companies 1.
- Cyber and technology risks, including those linked to AI, could affect service providers and portfolio companies 1.
Risks
- Dividend sustainabilityhigh
The dividend is supported by revenue reserves rather than portfolio income alone, and continuing the policy depends on market conditions and Board decisions through April 2028 1.
- Market riskhigh
The trust is exposed to fluctuations in UK share prices, and falls in value could reduce net asset value 1.
- Geopolitical riskmedium
The conflicts in Ukraine and the Middle East could generate volatility and disrupt supply chains, affecting the portfolio 1.
- Dependence on the investment managermedium
The departure of key people at Chelverton could affect performance, although having two dedicated fund managers lowers this impact 1.
- Cyber and technology riskmedium
Cyber threats are rising in frequency and sophistication, and use of AI could bring risks around output accuracy and compliance 1.
Investment thesis
What would need to be true (bull case)
- If investor sentiment towards UK mid and small cap shares improves, net asset value and the share price could benefit from a re-rating 1.
- The ungeared structure and revenue reserves could support the dividend through the stated period, even in a difficult year 1.
- Active buybacks by portfolio companies could make dividends better covered and more secure 1.
What would break the thesis
- If interest rates rise instead of falling as previously expected, portfolio share values could decline and the yield could become less attractive 1.
- The dividend exceeds portfolio income, and if reserves run down or conditions change, the policy could be revised 1.
- Exposure to UK small and mid-cap companies could amplify losses during periods when investors become risk-averse 1.
What to watch
- Path of Bank of England base rate and inflation pressures2027
- Annual General Meeting and any decision on reintroducing gearingSeptember 2026
- Annual report and net asset value at 30 April 2027Financial year 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates as a closed-ended investment trust, incorporated in 1999 and listed on the main market of the London Stock Exchange. Its objective is to invest in equities, predominantly in mid and smaller capitalised UK companies admitted to the Official List, traded on AIM or AQSE, or on other qualifying UK marketplaces 1. The investment policy excludes preference shares, convertible securities, fixed interest securities, and the shares of other investment trusts or unquoted companies 1.
The year to 30 April 2026 was the first full year without gearing, following full repayment of the 2025 ZDP tranche 1. The Board decided to continue as an ungeared trust, judging that the absence of gearing reduces risk for ordinary shareholders 1. The total dividend declared for the year to 30 April 2026 is 10.00 pence per share, compared with 13.00 pence the year before 1.
Investment management is delegated to Chelverton Asset Management Limited, which was also appointed as the AIFM, while administration and custody are outsourced to Apex Fund Administration Services and Northern Trust 1. The Board reviews the performance, costs and risk controls of these providers on a regular basis 1.
Segments
UK mid and small cap equity portfolio
The core activity is investment in shares of UK mid and smaller capitalised companies, and the reports say the portfolio was rebalanced in 2025 without any deterioration in quality, according to the Investment Manager 1. Net asset value rose 8.39% in the year to April 2026, reaching 144.20 pence per share 1.
Market context
The target market is the UK mid and small cap segment, which the manager considers undervalued on a long-term view 1. The macro backdrop was volatile: Middle East tensions in February 2026 pushed up energy prices and reversed expectations on Bank of England rates, which had been cut by 150 basis points from the August 2024 peak 1.
The manager says that extensive share buybacks by UK quoted companies could support dividends and could amplify a recovery in prices if investor sentiment towards UK equities turns 1.
Trends
- Buybacks by UK listed companiestailwind
Companies with strong balance sheets and steady cash generation are returning capital at a remarkable pace, which could make dividends better covered and more secure for the trust 1.
- Energy shocks and inflationheadwind
Higher oil and gas prices after February 2026 added inflationary pressure, and the market began to price in rate rises instead of cuts, which could weigh on portfolio values 1.
- Artificial intelligencemixed
Portfolio companies are starting to use AI to optimise business models and offset cost inflation, while the trust's technology exposure is low, which limits both risk and potential upside 1.
- Geopolitical tensions and trade policyheadwind
The war in Ukraine and US tariff policy have created uncertainty, and possible future changes to UK trade and tax policy could affect portfolio companies 1.
Competitive position
The trust competes with other investment trusts and funds targeting UK mid and small cap equities, and the available sources do not identify competitors with US-listed tickers 1. Differentiation rests on its high-dividend strategy supported by reserves and on its ungeared structure 1.
The trust's appeal to investors depends on its ability to sustain the dividend and grow net asset value in a segment where, according to the manager, valuations remain historically low 1.
- Other UK investment trusts focused on mid and small caps
Peers in the same category listed in London; the source does not name them and provides no further detail.
- UK high-dividend equity funds
Competition for investors seeking income from UK shares; not named in the source and no US tickers confirmed.
- AIM and smaller market funds
Vehicles investing in companies traded on UK alternative markets; competition depends on liquidity availability.
- Institutional investors in UK equities
Large players competing for the same portfolio companies; the source does not identify them explicitly.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202518 Nov 2025
Sources
- [1] Annual report, fiscal year ended 2026-04-30 (ESEF) · SEC / Chelverton UK Dividend Trust PLC · 30 Apr 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.